“We have gone out of our way to diversify – building bridges, barges, converting ships, you name it. It appears that still wasn’t enough.

“We were just told that the plug was being pulled. There wasn’t enough cash flow coming into the business and they couldn’t afford to meet the wage bill.

“It’s brutal. One of the guys has just signed up to buy a house – he had to go and cancel it.

“I’m just angry now. There are a lot of men in there who are the wrong side of 60 and they will probably never work again.”

Plater Alex Logan, 54, from Port Glasgow, said: “It was like a bolt from the blue. It was devastating.

“We have an excellent workforce here. It’s tragic.”

Confederation of Shipbuilding and Engineering Unions chairman Jim Moohan said: “Workers with 30 to 45 years of service have been told to pick up their tools and leave the yard. It’s an absolute scandal.”

He called for “direct intervention” from the Scottish Government.

John Swinney vowed to convene a task force who would “aim to secure new opportunities” for the shipyard.

The Finance Secretary added: “Over the past two-and-a-half years, we have supported Ferguson Shipbuilders with contracts worth more than £20million for two new hybrid ferries.

“We will do everything we can to promote a strong future for commercial shipbuilding on the Clyde and remain hopeful that a new owner can be found.”

Greenock and Inverclyde MSP Duncan McNeil said: “I’ve met the administrators and the leader of the council and we hope to meet Scottish ministers next week to get their support to save these jobs and prevent the yard from closing.”

Administrators KPMG said they were looking into whether an early sale of the business, infrastructure and assets can be secured.

Meanwhile, businesses in Port Glasgow were bracing themselves for the fallout.

Wilma Lindley, 50, of sandwich shop Wugs Rolls, said: “This will definitely have a knock-on effect on the town. There will be less money for people to spend. It’s terrible.”

Jan McKay, 53, of Jumbo Cards and Gifts, added: “It could be the death knell for the town.

“There will be 70 families left struggling now and that’s going to have an impact on local shops.”

John McLoskey, 65, who runs the Prince of Wales pub near the yard, said: “Some of the guys were in here just after they got the grim news. They were shattered.